Tuesday, February 14, 2006


What made the ancient Phonecians rich? Was it their exports or their imports?
It was their money. They had good money.
And lots of imports. They made good use of their comparative advantage in dye making (from the shells of myrex), and total net imports were huge.

But in America today we worry about too many imports. We want to protect jobs and restrict imports. We must be crazy. It's like somebody saying, "Here's a quarter, will you give me two nickels?" And we say no.

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